5 tips to help you spend less money over the holidays this year.

It’s official. The holiday season has arrived! And with it comes the time of year when gift giving, holiday festivities with family and friends, and, of course, spending is aplenty. Make sure that you don’t overspend this year by following our five tips to promote holiday savings below!

5 Tips to Spend Less This Holiday Season

Avoid Mindless (Expensive) Gift Giving: Don’t buy a gift just for the sake of buying a gift. Ensure that you are getting your money’s worth by purchasing presents that you know the person will love. Remember, gifts given with thought are often deemed to be of more value than random items, regardless of their price.

Collect and Redeem Points: If you are in good standing with your credit card and do not have an unpaid balance, take advantage of the loyalty and rewards points offered by your credit card. For example, many cards offer airplane miles and/or points for every dollar spent. Earn rewards while you spend, so that you can save later!

Make a Holiday Budget: Unsure of whether you have the funds to pay off your credit card if you follow tip #2 and pay by plastic? Create a holiday budget! Creating a budget will also help you with tip #1.

Avoid Debt With Your TFSA: If you find yourself in credit card debt after the holidays are over, consider paying off that debt with your Tax-Free Savings Account (TFSA). Learn more about your TFSA and holiday debt.

Host a Holiday Potluck: Want to get your family and friends together for an evening of holiday cheer, but don’t have the funds to do so? Instead of putting yourself under financial strain, ask each of your guests to bring a dish or bottle of wine to lower your hosting costs.